June 10, 2026
A summer greeting from Energifonden.
Energifonden Sverige has had a very strong start to the year and reports a record profit for the first quarter. This has primarily been due to the holding in Pallas Tankers AS, which has generated high earnings thanks to a strong freight market for larger tankers, as well as the fact that the value of larger VLCC tankers surged, prompting us to decide to divest the vessel Agneta Pallas III. This resulted in a nominal return of 80% on invested capital. Energifonden’s 50.2% holding in Pallas Tankers thereby became one of its best investments since inception in 2008.
The other holdings have also developed positively, not least BTG Kamsarmax AS, which returned to profit, NOK 32 million, for the full year 2025, and where a new employment agreement has been entered into that strengthens the result for 2026. I see increasing demand for bulk transportation of coal, which the company carries out with its Kamsarmax vessel BTG Denali, which is positive for our holding.
The global situation is, to say the least, unpredictable, with volatile stock markets, AI hysteria and high government debt, alongside an oil crisis and geopolitical conflicts. I believe we will see even more volatility going forward and, at times, valuation corrections across different energy segments due to temporarily reduced demand in the wake of high oil prices. However, this creates good opportunities for Energifonden to invest at attractive valuation levels.
What we do know is that energy in its various forms is needed more than ever and will always be needed for as long as there are people left on earth. Energifonden therefore continues on its chosen path and manages its capital by investing in cash-flow-positive energy companies. This, together with a large cash position, low overheads and short decision-making processes, means that Energifonden is stronger than ever. Energifonden is now in its ninth year of having delivered an average interest rate of eight percent to those who have invested in Energifonden’s interest-bearing bonds — and this is something we will continue to do!
Wishing everyone a wonderful and blessed summer!
Fredrik JohanssonCEO / Owner,
Energifonden Sverige AB